Brazil Telecom Firm Oi Is Preparing a Chapter 11 Filing
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Distressed Brazilian telecom operator Oi SA is preparing a Chapter 11 bankruptcy filing in a US court, according to people familiar with the matter.
The company is working with law firm White & Case LLP, the people said, asking not to be named discussing private details. The company will probably file as soon as its ongoing Chapter 15 process is canceled, one of the people said.
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Our goal is to end the litigation through this process, protecting homeowners from damages while restructuring our obligations responsibly. Key Points for Clarity: Services continue uninterrupted: Maintenance, and amenities remain operational. Homeowner protections prioritized: Assessments will be managed carefully to minimize impacts. Transparency upheld: Updates will be provided as the court process advances. We regret any concern this filing may cause and appreciate the community's understanding as we work toward a resolution. Roughly 5% of the entire HOA community make up the plaintiffs in this lawsuit, and the HOA board claims that over 53% of homeowners signed a petition to end the legal battle. Apke and other residents feel their concerns are in the best interest of the HOA as a whole, and say they just want to see a new group of members take over the board. 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